Buffett’s Investment Philosophy War

Buffett’s Investment Philosophy
Warren Buffett was first exposed to formal training in investing at Columbia University where he studied under Professor Benjamin Graham. A coauthor of the classic text Security Analysis, Graham developed a method of identifying undervalued stocks (that is to say, stocks whose prices were less than their intrinsic value). This became the cornerstone of modern value investing. Graham’s approach was to focus on the value of assets such as cash, net working capital, and physical assets. Eventually, Buffett modified that approach to focus also on valuable franchises that were unrecognized by the market.